Proof of Phone: A Low-cost Blockchain Platform

Blockchain which enables decentralization of data based on various consensus mechanisms is considered the leading technology of the next generation. Numerous applications are being proposed to benefit from its immunity against modification and manipulation. However, not many appears as a successful business up to now, except for crypto currencies. High operation cost which is essential for the conventional consensus, is acting as an obstacle to the wide adoption of blockchain applications. In this paper, we introduce a novel blockchain platform based on PoP (Proof of Phone), which lowers the operating cost by imposing high entry cost. We conduct theoretical analysis to show that our proposed platform reduces total cost by up to 98.2% compared to that of conventional blockchain. Our new platform will turn various blockchain applications from theory to practice.